BackToyota full-year net profit triples to $9.7 billion
Toyota says it is on track for another soaring profit in the current fiscal year
Premium(Bloomberg)
Tokyo: Toyota Corp. on Wednesday said its full-year net profit more than tripled to $9.7 billion, with the world’s largest automaker also saying it was on track for another soaring profit in the current fiscal year.
The Japanese giant earned ¥962.1 billion ($9.7 billion) in the business year to March, up from ¥283.5 billion a year earlier, on sales of ¥22 trillion yen, an increase of 18.7% year-on-year.
Toyota added that it expected to earn a net profit of ¥1.37 trillion for the fiscal year ending March 2014, underscoring a recovery among the nation’s major automakers after Japan’s quake-tsunami disaster in 2011 devastated sales and production, and highlighted strong demand in the key Asian and US markets.
The automaker also credited its rosy results to factors including cost-cutting and the declining value of the yen which helps makes major exporters such as Toyota more competitive overseas.
It also boosts the value of repatriated foreign income, inflating firms’ profits.
“We experienced increased sales of our vehicles mainly in North America and Asia," Toyota president Akio Toyoda said, also pointing to “company-wide profit improvement activities".
Worldwide vehicle sales hit 8.87 million units in the year to March, Toyota said.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
